In April 2005, the PSI-20 Share Index fell 2,3%, compared with the previous month, reaching 7.607,81 points. The annual volatility increased in comparison to the previous month, staying above the average registered in the corresponding period.

The total turnover in Spot Secondary Markets was € 13.277,4 million, representing a drop of 32,1% compared to the previous month, explained by the negative behaviour of the Regulated Markets (-31,5%), in particular, the Special Public Debt Market (-37%), Non-Regulated Markets (-0,8%) and Off-market (-37,0%). In Regulated Markets, one should note the increase in turnover of shares on the Stock Market (4,4%), while the remaining sectors were clearly falling. In the Non-Regulated Markets, the increase in the volume of the PEX market (108%) clearly stood out.

On 4 April 2005, the Second Market (Regulated Market) was terminated with the consequent transfer of the shares of Sporting - Soc. Desportiva de Futebol SAD, Futebol Clube do Porto SAD and bonds to Eurolistby Euronext Lisbon (former Market of Official Trading). The remaining issues were transferred to the Unlisted Market (Non-Regulated Market).

The global market capitalization clearly showed a reduction of 2% compared to March 2005, registering a substantial decrease in the sectors of Regulated Markets, with the exception of Bonds (0,8%) and Investment Units (0,1%) whereas in the Non-Regulated Markets the market capitalization increased 48,1%, prompted by the sectors of warrants and shares.

As regards the Futures Market, the value traded in futures contracts registered, in April, a decrease of 85, 6%, resulting from the reduction in volume of futures contract on the PSI-20 Index.

In the UCITS and Special Investment Funds⁽¹⁾ industry, the value under management increased (2, 7%) as well as the number of active funds (+3). With regard to Real Estate Investment Funds⁽¹⁾ industry the Net Asset Value of Funds registered a monthly growth of 1, 3%, with the number of active funds remaining the same.

Lisbon , 2 May 2005.

⁽¹⁾ Data refers to March 2005.

PSI-20 Index

Table 1 –PSI-20 Index (Values and variation)

Table 2 –PSI-20 Index (Volatility)

Legend:
(1) Annually adjusted volatility = standard deviation of daily returns x v 250
(2) Price Range % = (Maximum-Minimum) / Minimum. Maximum and Minimum refer to closing prices.

Table 3 –PSI-20 Portfolio(month end)

- Spot Market: Turnover and market capitalization

Table 4 – Turnover in the Spot Secondary Market (Monthly Values)

Unit: 10^6 Euro

Legend:
(1) EasyNext Lisbon was created in October 2004
(3) PEX was created in September 2003.
(4) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refer to turnover.

Table 5 – Turnover in the Spot Secondary Market (Accumulated Values)

Legend:
(1) Structured Market was created in October 2004.
(2) PEX was created in September 2003.
(3) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refer to turnover.

Table 6 – Extraordinary Sessions

There were no Extraordinary Sessions this month.

Table 7 – Market Capitalization (Euronext Lisbon)

Unit: 10^6 Euro

- Forward Market

Table 8 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

Legend: (1) Amounts determined based on the business price

Table 9 – Turnover in the Forward Market (Accumulated)

Unit: 10^6 Euro

Legend: (1) Amounts determined based on the business price

- Asset Management: CIS and Property Investment Funds

Table 10 –Asset Management (Data refers to the previous month)

Legend: CIS (Colective Investment Schemes) = Colective Investment Undertakings in Transferable Securities and Special Investment Funds.

¹ The data contained herein is from Dathis, Euronext Lisbon, MTS-Portugal, OPEX and the CMVM (CIS and Property Investment Funds). The information refers to 2005-05-03 . The monthly variation (Δ monthly) refers to the comparison between the month being analysed and the previous month, annual variation (Δ annual) the month being analysed and the homologous one, and in the year variation (Δ in the year) variation value at the end of the current month and the end of the previous year.